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- covers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income OA. Section 10 OB. Section 8 OC Section 1 OD. Section 11 Previous pageQuestion 18 of 30. Distributable net income (excluding tax-exempt int O Serves as the upper limit on the amount of the Inco O Will always equal fiduciary accounting income. O Usually includes capital gains and losses. Is calculated on Schedule A (Form 1041).Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits
- In T1 General Tax Form, Total Income is reported on Line??what is Tax Rights and Responsibilities? provide citation and references link 3 sentences is enoughRegarding the calculation of realized Gain or Loss, which of the following are true: O A. If the amount realized exceeds the property's adjusted basis, the result is a realized gain. O B. If the property's adjusted basis exceeds the amount realized, the result is a realized loss. O c. The amount realized from a sale or other disposition of property is the sum of any money received (which includes any debt relief) plus the fair market value of other property received. O D. The fair market value is reduced by selling expenses such as advertising, commissions, and legal fees associated with the sale or other disposition. O E. All of the above are true OF. None of these are true OG. A, B are true OH, B, C, D are true OI. A, B, C are true OJ. B & D are true OK. C & D are true
- 37. Sale of an capital assets is subject to O a. Regular Income tax O b. Capital Gains Tax O c. Excise Tax O d. Final income TaxCheck Your Progress 3 Why is it important for taxpayers to recognize the income tax deductions? Answer area12. COMPUTE: Total special deductions 13. COMPUTE: Net taxable estate 14. COMPUTE: Estate tax payable
- In question # 35, how much is the total itemized deduction that is used to find taxable income? What is taxable income?Please answer in good accounting form. Thankyou 7. Compute for the taxable incomeQ: What amounts are deducted from the gross estate of a decedent? Please, include specific examples. Set your answer in context by outlining the meaning of a gross estate, why it matters and why the deductions are significant.